BlueStone Jewellery IPO Makes Weak Stock Market Debut at ₹510, Below Issue Price of ₹517; Investors Face Loss
- 19th August 2025
- 12:00:00 PM
- 3 min read
Mumbai, August 19 – The much-anticipated BlueStone Jewellery IPO made a weak stock market debut on Monday, disappointing investors. Shares opened at ₹510 on the NSE, below the issue price of ₹517. On the BSE, the stock listed at ₹508.80, also at a discount.
BlueStone IPO Listing Price: What Investors Lost on Day 1
For retail investors, the debut translated into immediate losses. A minimum lot of 29 shares, valued at ₹14,993 during the IPO, dropped to ₹14,790 at listing (29 × ₹510). This meant a direct loss of ₹203 per lot. Instead of the widely anticipated listing gains, BlueStone IPO left investors in the red on Day 1, joining the list of recent IPOs that disappointed on debut.
Also Read: What is IPO Listing Gain & How It’s Calculated?
BlueStone IPO Subscription and Business Overview
The ₹1,540.65 crore issue was subscribed 2.72 times overall. Demand was led by Qualified Institutional Buyers (QIBs) at 4.25x, while Non-Institutional Investors (NIIs) bid just 0.57x and the Retail Individual Investor (RII) category saw 1.38x subscription. This uneven demand indicated stronger institutional interest but muted appetite from smaller investors.
Founded in 2011, BlueStone has built an omni-channel jewellery business with 275 stores across India and a strong digital presence. The company’s portfolio spans diamond, gold, platinum and studded jewellery. However, competition remains stiff from established rivals including Titan’s Tanishq, CaratLane, Kalyan Jewellers and Senco Gold.
Financial Performance Snapshot
| Financial Metric | FY24 | FY25 | Trend |
| Revenue | ₹1,364 crore | ₹1,830 crore | Strong growth |
| Net Loss | ₹142 crore | ₹221.84 crore | Losses widened |
| Store Count | 185 | 275 | Expansion drive |
While revenues grew sharply in FY25, losses also widened due to high marketing spends and expansion costs. This raised investor concerns on how quickly the company can move toward profitability.
BlueStone IPO GMP Signals Ahead of Listing
Ahead of listing, the BlueStone IPO GMP (Grey Market Premium) hovered in the range of ₹5–₹10 per share, indicating expectations of flat to marginally positive listing. However, the actual debut at a discount contradicted those cues, underlining that GMP is unofficial and unreliable. The weak debut left investors in the red, with shares falling below issue price from the very start.
Also Read: Upcoming IPOs This Week: 8 Issues to Watch
Bottomline
The BlueStone Jewellery IPO failed to deliver the expected listing gains and instead caused immediate losses for retail investors. Despite strong institutional subscription, retail and HNI participation remained cautious amid concerns around valuations and mounting losses. The debut highlights that not all high-profile IPOs guarantee positive returns on listing day, and investors must remain mindful of risks.
Disclaimer: This article has been prepared for informational purposes only. It is not, and should not be construed as, investment advice or a stock recommendation. PL Capital does not provide investment advice or stock tips. All information is based on publicly available data and market sources. Past subscription numbers, GMP and listing performance do not guarantee future returns. Investors are advised to consult certified financial advisors before making investment decisions.
PL Capital
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
